PROVEN acquires shares in Dream Entertainment


PROVEN acquires shares in Dream Entertainment

Friday, February 15, 2019

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PROVEN Investments Limited (PIL) has announced the acquisition of shares in the capital of Dream Entertainment Ltd. In its declaration to the Jamaica Stock Exchange, PROVEN noted that its total equity holdings in Dream Entertainment Ltd now stands at 2,500 units which represents 20 per cent of the participating voting shares in Dream Entertainment Ltd.

The purpose of the acquisition is to generate dividend income, and Dream Entertainment Ltd will now be characterised as an associated company of PROVEN. Additionally Christopher Yeung, head of treasury and corporate finance, is the PROVEN director appointed to the board of Dream Entertainment Ltd.

Dream Entertainment Ltd has over the years shown the ability to provide enviable entertainment products that cater to a growing audience that is primarily beyond the Jamaican shores.

The company is an event organiser, primarily in the business of conceptualising, owning and producing large events. The signature/main events and successes have come through Dream Weekend, Xodus Carnival, Dream Weekend Cruise and The Cooler Weekend.

In signing the agreement, Scott Dunn, managing director, Dream Entertainment Ltd, expressed his team's commitment to continued performance.

“Having a partner such as PROVEN shows the stern nature of our business and solidifies our team's efforts in ensuring that we not only remain relevant within the industry but viable in our business' performance,” he stated. “We look forward to this partnership.”

Having completed its due diligence on Dream Entertainment Ltd, this acquisition not only aligns with PROVEN's core investment strategy within the real sector but also its risk to reward objectives in achieving its financial goals, the company said via news release.

PROVEN is focused on identifying and seizing opportunities to advance one of its investment strategies in private equity with a focus on key growth sectors in the financial services and the real sector.

Christopher Williams, president and CEO of PROVEN Management Ltd, the management company for PROVEN, alluded to this strategy in explaining the rationale behind the acquisition.

“Our focus remains precise and where we see performance and opportunities that align with our financial goals, we are sure to explore and undertake them,” he said. “We have seen the impact Dream, through its entertainment brands, has had on our economy and we are proponents of the multiplier effects the entertainment business has brought to tourism and the Jamaican economy. This is another of our investments that supports a diversified revenue stream and we look forward to realising the success of this enterprising partnership.”

With eight years of operation, PROVEN Investments Limited's main investment strategies are in private equity, tradable securities and real estate. Currently its diversified private equity holdings are PROVEN Wealth Ltd, PROVEN Fund Management Ltd, Access Financial Services, Boslil Bank Ltd, PROVEN REIT and International Financial Planning Ltd.

The most recent acquisition has been a major shareholding in JMMB Group Ltd, making it an associated company of PROVEN Investments Ltd.

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